Why IREN (Iris Energy) (IREN) fell 3.54%
IREN (Iris Energy) (IREN) fell 3.54% on October 29, 2026 — Alphabet's lighter capex revives AI spending fears.
What happened
The GPU neocloud group sold off as Alphabet's results revived fears about AI spending, with US futures falling on the news. IREN dropped 3.5% in line with the group.
Why it moved
Neoclouds depend on continued AI infrastructure spending from hyperscalers, so any sign of capex slowing hits the whole group's demand outlook.
Why it matters
Neoclouds rode the GPU-rental boom and lender financing, but that tide is now rolling over. Funding worries and FTC scrutiny have weighed on the group, and each capex scare reinforces the pressure.
What would break the thesis
A rebound would require reassurance that hyperscaler spending remains strong, such as firm capex guidance from big cloud providers. Continued funding stress or regulatory action would extend the selloff.